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Money back for diamonds purchased between January 1, 1994 and March 31, 2006

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Jewelers Vigilance Committee - DeBeersGuidance

 

 

Buy A Diamond? Money Might Be In Your Future

updated 5:51 a.m. CT, Fri., Jan. 11, 2008

WNBC-TV NYC

 

NEW YORK - Diamonds are said to be a girl's best friend. Now, that friend is potentially worth a substantial amount of money back as a result of a multimillion-dollar settlement with diamond behemoth De Beers. Information On Refunds

 

The company that controls a huge share of the rough diamond market has agreed to pay nearly $300 million in a price-fixing dispute.

 

Customers who bought finished diamonds might be able to get hundreds of dollars back.

 

De Beers, one of the largest diamond suppliers in the world, has agreed to give Americans money back as a result from a class action lawsuit against the company alleging antitrust violations.

 

John Maher, the plaintiffs' attorney, said the diamond leader violated the law.

 

"They controlled and monopolized the sale of rough diamonds and as a result merchants paid more than they should have for those stones," he said.

 

De Beers has not admitted to doing anything wrong in the $295 million settlement. An earmark of $135.4 million has been made for consumers who file a claim.

 

Consumers can download information online at the settlement Web site.

 

The diamonds could have been purchased from any jewelry store in the country between Jan. 1, 1994, and March 31, 2006.

 

According to the claims administrator, a consumer who purchased a $2,000 engagement ring would be entitled to a maximum of $640 back. However, consumers are warned not to count that money yet as the formula only takes into account the value of what a consumer purchased and how many people file claims.

 

For those eligible, the filing deadline is May 19.

 

 

Notable pieces of information:

Deadline is May 19, 2008.

Claims can be made for gem quality diamonds only.

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Quote:
Originally Posted by luckygirl View Post
Do you need the receipt? I'm ASS -U-Meing hehe..that one would need it, but just though I would ask.
18. Do I need to send in proof of my diamond purchases when I submit my claim? (top)

No. You do not need to send in documents proving or describing your purchases, but you must keep all records of purchases. You could be asked to supply documents proving your purchases after your Claim Form is received and reviewed.

Here is the FAQ https://diamondsclassaction.com/FAQ.htm

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The maximum refund is $640. To qualify for that your purchase has to $2,000 or more. If your purchase is over $10,000, you have to send in documentation; if it's under $10,000, you don't have to send anything in but you may be asked to supply proof of purchase at a later date.

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